Seedling growing

The Power of not Owing Anyone Shit

In Debt, Mindset, Spending by C.J. Cato2 Comments

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Photo by Jeremy Bishop

The Debts

I want to plant a seed in your mind today. A seed that could be life changing, a seed that could change the quality of your life by a great deal. But before we start I would like to go over some spending stats. The average mortgage in the U.S. is about $1,061 before taxes, the average car payment is about $500 a month, the average minimum owed on credit cards is over $300 a month, and the average student loan payment is now over $300. That’s over $2,000 a month on just those “average” debts.

Imagining Life Without Debt

Now I want you to imagine something; I want you to imagine in your mind not owing anyone jack shit. I want you to take yourself to a place in your mind where you don’t owe the bank money for the car you’re driving, a place where you don’t owe on that mortgage, where you don’t owe credit card companies for things you bought a year (or three) ago, a place without student loans. I want you to imagine a time and place in your life where all you owe are taxes and your basic expenses like utilities and food.

Breaking the Monthly Payment Mentality

As Americans many of us have been suckered into the monthly payment mentality. We don’t see a car as costing $30,000; we see it as costing $500 a month. We don’t see $15,000 in credit card debt, we see $300 a month. So it dawned on me the only way to fight this mindset, is with the same thing but in reverse. So instead of thinking about the total amount of debt you need to payoff, I want you to think about the amount of money this would make available to you monthly. 

Planting the Seed

If you’re an average American, then getting out of debt means freeing up at least $2,000 a month. You don’t have to have a mortgage for 30 years, you don’t have to buy a new car, you certainly don’t need to keep a balance on a credit card. That’s $2,000 a month back in your pocket. What would $2,000 mean to you and your family? How could $2,000 a month change your life for the better? Would your life be better a few years from now with significantly less debt? Are you willing to make some changes to get there? Seed Planted.

C.J. is the blogger behind the Vow of Practicality. “Let’s grow your wealth, increase your productivity, and maximize your happiness.”